The national average weekly earnings of non-farm payroll employees rose to $855.66 in July, a 3.9% increase from 2009, according to Statistics Canada (StatsCan). Growth in average weekly earnings is above the national average in the following industrial sectors: accommodation and food services (13.3%); administration and support, waste management and remediation services (9.2%); professional, scientific […]
The Canadian Federation of Independent Business (CFIB) is against proposed changes to the Employment Insurance Act, stating they are irresponsible and damaging to the economy. Bill C-308, which is currently being contemplated by the House of Commons, would reduce the qualifying period for employment insurance (EI) benefits to 360 hours worked, increase the benefits to […]
The California Public Employees’ Retirement System (CalPERS) has responded to a Bell City fraud scandal where eight officials were charged with fraud, conspiracy and waste of public funding. CalPERS will appoint a senior risk officer and launch a 24-hour whistleblower helpline to protect against further fraud. Former city manager, Robert Rizzo, was among those charged. […]
Groupworks Financial Corp., a consolidator of Canadian employee benefit, pension advisory and HR firms, has been named one of the fastest growing emerging companies in Canada as part of PROFIT Magazine’s HOT 50 ranking in 2010. The firm added almost 100 new corporate clients and expanded services in Quebec and Manitoba. Today, Groupworks staff of […]
Desjardins Group launched an alternative transportation program alongside the “In Town Without My Car!” event to encourage employees to avoid traveling alone by car when commuting. The program was developed in partnership with Voyagez futé and MobiliT, with support from the Ministère des Transports du Québec. It is designed based on employee needs, taking into […]
The pensions of provincial politicians in Nova Scotia need to be reduced, according to the Canadian Taxpayers Federation, a non-profit, non-partisan advocacy organization. The federation released its Report on Nova Scotia MLA pensions, salaries & expenses, which states that taxpayers contribute $22, including interest for every dollar MLAs put into their pension plans. It adds […]
Cancer insurance has taken a backseat to critical-illness coverage, with sales for the latter soaring 88% to $225 million between 2008 and 2009, according to Eastbridge’s annual U.S. Worksite Sales Report. Critical-illness coverage accounts for 4% of total voluntary sales. Cancer insurance sales decreased about 8% between the 2008-2009 period, and account for about 8% […]
Evolving rating criteria and global regulatory changes mean insurers will need more capital going forward, it was revealed in an Aon Benfield report, Evolving Criteria. The trend towards Basel II solvency requirements and similar global frameworks, coupled with proposed fair value accounting provisions, has the potential to drastically change how analysts and investors view and […]
Canadian banks will be expected to meet new capital requirements proposed by global regulators by 2012, according to Philippe Hardy, an analyst at RBC Capital Markets. The Basel Committee on Banking Supervision will require lenders to have common equity equal to at least 7% of assets, according to risk, including a 2.5% buffer. According to […]
The Caisse de dépôt et placement du Québec recorded a 2.3% gain in the first six months of 2010, which is comparable to reported returns of other pension plans. Private equity, infrastructure and fixed-income investments contributed to a positive first half, according to a report in the Montreal Gazette. The private equity portfolio appreciated about […]